Bangalore: The Boards of i-Flex Solutions and SuperSolutions today (Dec 16, 2003) approved i-Flex's acquisition of SuperSolutions Corporation, a US-based specialised consumer lending software provider, in an all-cash-deal for $ 11.5 million.

"This is the first step in the execution of our inorganic growth strategy," said Rajesh Hukku, chairman and managing director of i-Flex.

"By opening up the consumer finance segment for us, SuperSolutions will create another growth engine for the company," Hukku said in a statement in Bangalore.

The statement said SuperSolutions' flagship product, Daybreak Lending Suite, is a universal lending platform (ULP) that enables financial institutions to manage the lending process from origination through servicing and collections.

The product is used by top-tier US clients such as Harley Davidson Financial Services Inc, Mitsubishi Motors Credit and Hyundai Motor Finance, it was stated.

i-Flex said the acquisition greatly strengthens its product portfolio and would help to accelerate its penetration of the US market.

Upon approval by SuperSolutions shareholders, it said SuperSolutions would become a 100 per cent owned subsidiary of i-Flex. The existing management team of SuperSolutions would continue with the company to run the business.

PTI